Monday, October 12, 2015
Gold: because of course it does
Gold turns back at $1165-$1170:
Because Wall Street Whitey trades gold contracts based on technicals, and lookie lookie:
Oh wow! Some white-ass honky cracker drew a horizontal pinkish line at about $1165-$1170! Hey, here's an idea - let's all put our market sell orders at $1165-$1170 and pocket our short-term gains! Because America is the only thing that matters to gold!
So now you can just sit back and watch for what happens next. Will gold only drop to the short-term EMA at say $1140, or will it have to retest its SMA(50) at, say, $1125?
Either one is a positive technical development, as long as it goes back up after. That would mean the longer-term trend is back to accumulation, and that'll be swell considering the Indians and Chinese have bought all the gold that Whitey would want to accumulate.
So you gotta ask yourself, punk: was that the bottom in gold?